Saturday, November 26, 2011

Foreclosed Homeowners Re-Occupy Their Homes

Excerpt from story:SAN FRANCISCO – Carolyn Gage was evicted from her foreclosed home in January. Earlier this month, she moved back in.When Gage initially left about 10 months ago, she took some personal items with her, but left most of the furniture and continued paying for some utilities.“It didn’t feel right for me to move. I just left my things because I knew I was going to return to them eventually,” she said.She had to re-activate a few utilities when she returned, like the water, but found the process fairly easy.Walking back into the house was an emotional moment for Gage, but a joyous one.More

The article mentioned is both surprising and shocking. Bloomberg required a winning court case and a FOI request against the Federal Reserve Bank to bring this information to the public. One of the tidbits-- as it relates to foreclosures-- here:

Lawmakers knew none of this. They had no clue that one bank, New York-based Morgan Stanley took $107 billion in Fed loans in September 2008, enough to pay off one-tenth of the country’s delinquent mortgages...and the Fed had committed to $7.7 trillion... to rescuing the financial system.

I think you'll find the rest of the article presents an even larger problem concerning our financial system and the details being kept secret from citizens and Congress. Folks should be made aware of this; the Bloomberg article took much effort and work to be made available to the public. Thanks, Tom.